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Downtown DC BID’s Economy Update is Bleak, as would be expected

From the DOWNTOWNDC ECONOMY UPDATE SUMMER 2020:

“DAYTIME POPULATION DROPPEDFROM 225,000 IN FEB TO 22,000 IN JULY -DOWN 90%.

METRORAIL WEEKDAY RIDERSHIP FROMAPRIL–JUNE 2020 WAS 3%OF APRIL–JUNE 2019 RIDERSHIP

THE RETAIL VACANCY RATE REACHED A RECORDHIGH OF 17.1% IN JULY 2020

DOWNTOWNDC RESTAURANT SALES WERE DOWN 80% IN JULY 2020 WHILE THE REGION WAS DOWN ONLY 52%

The coronavirus (COVID-19) pandemic continues to have a catastrophic impact on the DowntownDC and DC economies. The data for April-July 2020 for the DowntownDC and DC economies, clearly shows the impact.

In July 2020, 95% of DowntownDC’s office workers had been working virtually for over four months. DowntownDC’s vibrant, public-facing businesses were especially hard hit. Hotels, restaurants, and retail opened in varying degrees during April-July 2020, but all suffered from very low demand. The National Museum of Women in the Arts opened on August 1, 2020, but the other seven DowntownDC museums remain closed. Capital One Arena, the Walter E. Washington Convention Center, theaters, performance venues and institutions of higher education are adhering to public health guidance and remain closed. Housing was the strongest DowntownDC sector in 2Q 2020.”

Read the full report here: DowntownDC-Economic-Update-Q2-2020 (PDF)

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Submit your own Announcement here.

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